Stoners across the world got together last week to celebrate the slow but steady decline of marijuana prohibition. The week of 4/20 is the biggest sales week for cannabis retailers, and as more states legalize, the revenue from cannabis sales gets larger every year. According to MJ Freeway, a company that provides seed-to-sale traceability solutions for the cannabis industry, retail cannabis sales exceeded $45 million this 4/20.
Based on sales data from the past seven years, MJ Freeway correctly predicted that this year's 4/20 sales would increase by 20% from last year. The company also predicted a 10% increase in the number of transactions at cannabis retail stores during 4/20 week, but retail stores actually saw a 13% increase compared to the weekly average.
The average marijuana retail purchase on the day of 4/20 was $77.21, an average of $10 more than buyers have usually been spending in 2017. Retail establishments encouraged these sales by extending discounts on the day of 4/20. The average discount for this year's holiday was 24.11%, compared to an average of 13% for all sales this year.
"With the increase in widespread acceptance of cannabis, we anticipated a large jump in US sales for the holiday. 4/20 is an excellent opportunity for adults to purchase and consume products in a responsible, regulated market, while learning about the culture and history of the industry," said Jessica Billingsley, COO and co-founder of MJ Freeway.
The second-biggest marijuana retail holiday is New Year's Eve, followed by July 4th in third place.